Common use of Changes in Law Rendering LIBOR Loans Unlawful Clause in Contracts

Changes in Law Rendering LIBOR Loans Unlawful. If at any time any Change in Law shall make it unlawful for any Lender to fund any LIBOR Loans which it is committed to make hereunder with moneys obtained in the Eurodollar market, the commitment of such Lender to fund LIBOR Loans shall, upon the happening of such event, forthwith be suspended for the duration of such illegality, and such Lender shall by written notice to the Borrowers and the Agent declare that its Commitment with respect to such Loans has been so suspended and, if and when such illegality ceases to exist, such suspension shall cease and such Lender shall similarly notify the Borrowers and the Agent. If any such change shall make it unlawful for any Lender to continue in effect the funding in the applicable Eurodollar market of any LIBOR Loan previously made by it hereunder, such Lender shall, upon the happening of such event, notify the Borrowers, the Agent and the other Lenders thereof in writing stating the reasons therefor, and the Borrowers shall, on the earlier of (i) the last day of the then current Interest Period or (ii) if required by such Law, regulation or interpretation, on such date as shall be specified in such notice, either convert all LIBOR Loans to Prime Rate Loans to the extent permissible under this Agreement or prepay all LIBOR Loans to the Lenders in full. Any such prepayment or conversion shall entitle the Lenders to prepayment compensation as provided in Section 3.3 hereof.

Changes in Law Rendering LIBOR Loans Unlawful. If at any time any there is a Change in Law Law, which shall make it unlawful for any Lender Bank to fund any LIBOR Loans which Loan that it is committed to make hereunder with moneys obtained in the Eurodollar eurodollar market, the commitment of such Lender Bank to fund such LIBOR Loans Loan shall, upon the happening of such event, event forthwith be suspended for the duration of such illegality, and such Lender Bank shall by written notice to the Borrowers Borrower and the Agent declare that its Commitment commitment with respect to such Loans LIBOR Loan has been so suspended and, if and when such illegality ceases to exist, such suspension shall cease and such Lender Bank shall similarly notify the Borrowers Borrower and the Agent. If any such change Change in Law shall make it unlawful for any Lender Bank to continue in effect the funding in the applicable Eurodollar eurodollar market of any LIBOR Loan previously made by it hereunder, such Lender Bank shall, upon the happening of such event, notify the BorrowersBorrower, the Agent and the other Lenders Banks thereof in writing stating the reasons therefor, and the Borrowers Borrower shall, on the earlier of (ia) the last day of the then current Interest Period or (iib) if required by such Lawlaw, regulation or interpretation, on such date as shall be specified in such notice, either convert all such LIBOR Loans Loan to Prime a Base Rate Loans Loan or prepay such LIBOR Loan to the extent permissible under this Agreement or prepay all LIBOR Loans to the Lenders Banks in full. Any such prepayment or conversion shall entitle the Lenders be accompanied by any amount required to prepayment compensation as provided in Section 3.3 be paid pursuant to Sections 3.4 and 3.8 hereof.

Changes in Law Rendering LIBOR Loans Unlawful. If at any time any Change in Law shall make it unlawful for any Lender to fund any LIBOR Loans which it is committed to make hereunder with moneys obtained in the Eurodollar market, the commitment of such Lender to fund LIBOR Loans shall, upon the happening of such event, forthwith be suspended for the duration of such illegality, and such Lender shall by written notice to the Borrowers and the Agent declare that its Commitment with respect to such Loans has been so suspended and, if and when such illegality ceases to exist, such suspension shall cease and such Lender shall similarly notify the Borrowers and the Agent. If any such change shall make it unlawful for any Lender to continue in effect the funding in the applicable Eurodollar market of any LIBOR Loan previously made by ​ ​ it hereunder, such Lender shall, upon the happening of such event, notify the Borrowers, the Agent and the other Lenders thereof in writing stating the reasons therefor, and the Borrowers shall, on the earlier of (i) the last day of the then current Interest Period or (ii) if required by such Law, regulation or interpretation, on such date as shall be specified in such notice, either convert all LIBOR Loans to Prime Rate Loans to the extent permissible under this Agreement or prepay all LIBOR Loans to the Lenders in full. Any such prepayment or conversion shall entitle the Lenders to prepayment compensation as provided in Section 3.3 hereof.

Changes in Law Rendering LIBOR Loans Unlawful. If at any time any Regulatory Change in Law shall make it unlawful for any Lender to fund any LIBOR Loans Loan which it is has committed to make hereunder with moneys obtained in the applicable Eurodollar market, such Lender shall notify the commitment Administrative Agent and the Borrower, and the obligation of such Lender to fund such LIBOR Loans Loan shall, upon the happening of such event, forthwith be suspended for the duration of such illegality, illegality and any request by the Borrower for a LIBOR Loan of such Lender shall by written notice be deemed to the Borrowers and the Agent declare that its Commitment with respect to such Loans has been so suspended and, if and when such illegality ceases to exist, such suspension shall cease and such Lender shall similarly notify the Borrowers and the Agentbe a request for a Base Rate Loan. If any such change shall make makes it unlawful for any Lender to continue in effect the funding in the applicable Eurodollar market of any LIBOR Loan previously made by it hereunder, such Lender shall, upon the happening of such event, notify the Borrowers, the Administrative Agent and the other Lenders Borrower thereof in writing stating the reasons therefor, and the Borrowers Borrower shall, on the earlier of (ia) the last day of the then current Interest Period or (iib) if required by such Law, regulation or interpretation, Regulatory Change on such date as shall be specified in such notice, either convert all LIBOR such Loans of such Lender to Prime Base Rate Loans to the extent permissible under this Agreement or prepay all such Lender's LIBOR Loans to the Lenders in full. Any such prepayment or conversion shall entitle the Lenders to prepayment compensation as provided in Section 3.3 hereof.

Changes in Law Rendering LIBOR Loans Unlawful. If at any time any there is a Change in Law Law, which shall make it unlawful for any Lender Bank to fund any LIBOR Loans which Loan that it is committed to make hereunder with moneys obtained in the Eurodollar eurodollar market, the commitment of such Lender Bank to fund such LIBOR Loans Loan shall, upon the happening of such event, event forthwith be suspended for the duration of such illegality, and such Lender Bank shall by written notice to the Borrowers Borrower and the Agent declare that its Commitment commitment with respect to such Loans LIBOR Loan has been so suspended and, if and when such illegality ceases to exist, such suspension shall cease and such Lender Bank shall similarly notify the Borrowers Borrower and the Agent. If any such change Change in Law shall make it unlawful for any Lender Bank to continue in effect the funding in the applicable Eurodollar eurodollar market of any LIBOR Loan previously made by it hereunder, such Lender Bank shall, upon the happening of such event, notify the BorrowersBorrower, the Agent and the other Lenders Banks thereof in writing stating the reasons therefor, and the Borrowers Borrower shall, on the earlier of (ia) the last day of the then current Interest Period or (iib) if required by such Lawlaw, regulation or interpretation, on such date as shall be specified in such notice, either convert all such LIBOR Loans Loan to Prime a Base Rate Loans Loan or prepay such LIBOR Loan to the extent permissible under this Agreement or prepay all LIBOR Loans to the Lenders Banks in full. Any such prepayment or conversion shall entitle be subject to the Lenders to prepayment compensation as provided fees described in Section 3.3 2.4 hereof.